IGM Biosciences (NASDAQ:IGMS) Price Target Lowered to $2.00 at Truist Financial

IGM Biosciences (NASDAQ:IGMS) had its price target reduced by Truist Financial from $12.00 to $2.00 in a research report released on Friday morning,Benzinga reports. Truist Financial currently has a hold rating on the stock.

Several other brokerages have also weighed in on IGMS. JPMorgan Chase & Co. lowered shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $12.00 to $9.00 in a report on Tuesday, October 1st. Stifel Nicolaus lowered IGM Biosciences from a “buy” rating to a “hold” rating and lowered their price objective for the company from $27.00 to $2.50 in a report on Friday. Guggenheim downgraded IGM Biosciences from a “buy” rating to a “neutral” rating in a report on Friday. BMO Capital Markets reiterated a “market perform” rating and issued a $2.00 price target (down from $21.00) on shares of IGM Biosciences in a report on Friday. Finally, Wedbush restated a “neutral” rating and set a $3.00 price objective (down from $22.00) on shares of IGM Biosciences in a research note on Friday. Two equities research analysts have rated the stock with a sell rating and eight have assigned a hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.50.

IGM Biosciences Price Performance

Shares of IGMS stock opened at $2.09 on Friday. The company’s fifty day moving average price is $8.94 and its two-hundred day moving average price is $10.89. The firm has a market capitalization of $124.28 million, a P/E ratio of -0.57 and a beta of 0.11. IGM Biosciences has a 12 month low of $1.87 and a 12 month high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings results on Friday, November 8th. The company reported ($1.01) EPS for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.19). IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. The business had revenue of $0.52 million during the quarter, compared to analysts’ expectations of $0.23 million. On average, sell-side analysts anticipate that IGM Biosciences will post -3.33 EPS for the current year.

Institutional Investors Weigh In On IGM Biosciences

A number of hedge funds have recently made changes to their positions in the business. Quest Partners LLC grew its holdings in IGM Biosciences by 71.4% in the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after buying an additional 4,961 shares in the last quarter. AQR Capital Management LLC bought a new position in shares of IGM Biosciences in the second quarter worth $84,000. XTX Topco Ltd raised its stake in shares of IGM Biosciences by 70.9% during the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after purchasing an additional 8,467 shares in the last quarter. MetLife Investment Management LLC acquired a new stake in IGM Biosciences in the third quarter worth about $149,000. Finally, Rhumbline Advisers grew its position in IGM Biosciences by 13.1% in the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after buying an additional 2,635 shares in the last quarter. Institutional investors own 42.79% of the company’s stock.

About IGM Biosciences

IGM Biosciences, Inc, a clinical-stage biotechnology company, develops Immunoglobulin M (IgM) antibodies for the treatment of cancer and autoimmune and inflammatory diseases. It develops Aplitabart, a Death Receptor 5 Agonist IgM antibody for the treatment of colorectal cancer; imvotamab, a CD20 x CD3 bispecific IgM antibody to treat myositis, as well as for the treatment of systemic lupus erythematosus and rheumatoid arthritis that is Phase Ib clinical trial; and IGM-2644, a bispecific T cell engaging IgM antibody targeting CD38 and CD3 proteins for the treatment of autoimmune diseases.